Bitcoin has returned to the $20,000 area after experiencing rejection. The cryptocurrency has been displaying some strength during today’s trading session despite a spike in the U.S. dollar which signals danger for risk-on assets. Related Reading | Cardano Releases New Update On Testnet, How Will The Price Respond? At the time of writing, BTC’s price trades at $20,300 with a 2.2% profit in the last 24 hours. Data from Material Indicators (MI) records an increase in buying pressure from Bitcoin whales with bid orders of over $1 million (brown in the chart below). Large investors have been accumulating BTC over the past week as the cryptocurrency moved below its current levels. BTC Whales could have been preparing for bullish continuation. At the time of writing, every investor’s class except retail is jumping into BTC’s price action. #Bitcoin #WhaleWatching pic.twitter.com/BOYAEABpyC — Material Indicators (@MI_Algos) July 5, 2022 The cryptocurrency needs to break above $20,500 and continue above $22,000 to clear out any potential short-term downside risk. Material Indicators records over $20 million in asks order for BTC’s price at around $20,500 until $22,000 alone. There is little resistance above those levels until $24,000 which stands as the next major area of resistance. On the possibility that large investors were accumulating BTC expecting a larger move to the upside, MI wrote: The FireCharts heat map an...
Why Bitcoin Price is Up Today?
